Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

iShares MSCI ACWI ETF / Technical Analysis

<ul>
<li>With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.</li>
<li>We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.</li>
<li>The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.</li>
</ul>


With the MSCI ACWI (ACWI-US) approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here, and we believe caution is warranted.
We want to remain overweight Europe and the UK, but we prefer to buy only on pullbacks.
The Hang Seng and MSCI China (MCHI-US) are both getting rejected at their important resistances discussed last week, and we would expect to see a basing process develop below resistance.


Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

Smartkarma's AI Co-Pilot, Smartkarma

αSK

Smartkarma's AI Co-Pilot

Smartkarma

Smartkarma unites the fragmented investment industry, connecting institutional investors, independent research providers, and corporates within a single network.

Research Reinvented

Equity Bottom-Up

<ul>
  <li>IGM Financial stands as a leading diversified wealth and asset management firm in Canada, operating through well-established brands including IG Wealth Management and Mackenzie Investments.</li>
  <li>The company's growth is intrinsically linked to capital market performance, which drives its assets under management and advisement (AUMA). It faces significant competition from low-cost investment products and digital advice platforms.</li>
  <li>Strategic investments in fintech, such as Wealthsimple, and expansion into the U.S. market through acquisitions like Rockefeller Capital Management, are key pillars of its future growth strategy, aiming to diversify revenue streams and enhance digital capabilities.</li>
</ul><p><em>This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.</em></p>


  IGM Financial stands as a leading diversified wealth and asset management firm in Canada, operating through well-established brands including IG Wealth Management and Mackenzie Investments.
  The company's growth is intrinsically linked to capital market performance, which drives its assets under management and advisement (AUMA). It faces significant competition from low-cost investment products and digital advice platforms.
  Strategic investments in fintech, such as Wealthsimple, and expansion into the U.S. market through acquisitions like Rockefeller Capital Management, are key pillars of its future growth strategy, aiming to diversify revenue streams and enhance digital capabilities.
This content is AI-generated and displayed for general informational purposes only. Please verify independently before use.

Primer: Igm Financial (IGM CN) - Nov 2025

EURO STOXX 50 Price EUR / Technical Analysis

<ul>
<li>It appears the recent pullback is over, and we could see the MSCI ACWI (ACWI-US) test YTD highs at $93. We still expect $93 to cap upside in 2023.</li>
<li>Overweight Europe/UK and non-U.S., we are buyers on pullbacks as long as FTSE 100 is above 7700, STOXX Europe 50 is above 3800, and EURO STOXX 50 is above 4000.</li>
<li>As long as these support levels are holding, we are constructive from a price perspective</li>
</ul>


It appears the recent pullback is over, and we could see the MSCI ACWI (ACWI-US) test YTD highs at $93. We still expect $93 to cap upside in 2023.
Overweight Europe/UK and non-U.S., we are buyers on pullbacks as long as FTSE 100 is above 7700, STOXX Europe 50 is above 3800, and EURO STOXX 50 is above 4000.
As long as these support levels are holding, we are constructive from a price perspective


Remain Overweight Europe/UK & Non-US Equities; Pullback Over?; Buys in Industrials and Financials

Founder of Antler Capital

Stanley Tsai, CFA

Macroeconomics

<ul>
<li>The recent rollout of a tax-deferred individual pension scheme marks a pivotal moment in the country's preparation for seismic shifts in its demographics.</li>
<li>The transition towards Pillar 3 of the retirement system has important implications for global asset allocators' long-term China investment thesis.</li>
<li>It's still early days, but there are ways to participate in the growth of private pensions. We look at the scale of the opportunities available and the potential beneficiaries.</li>
</ul>


The recent rollout of a tax-deferred individual pension scheme marks a pivotal moment in the country's preparation for seismic shifts in its demographics.
The transition towards Pillar 3 of the retirement system has important implications for global asset allocators' long-term China investment thesis.
It's still early days, but there are ways to participate in the growth of private pensions. We look at the scale of the opportunities available and the potential beneficiaries.


China's Fledgling Pensions Market: Are You Positioned to Cash In?

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>The <a href="https://www.smartkarma.com/entities/insignia-financial-ltd" target="_blank" data-smartkarma-citation="entities:12349:1" rel="noopener">Insignia Financial (IFL AU)</a> IE considers CC Capital’s scheme offer at A$4.80 fair and reasonable, as it is within its valuation range of A$4.49 to A$5.08.</li>
<li>The key scheme conditions are shareholder, FIRB and APRA approval. Regulatory approvals should be forthcoming, and the scheme vote is low-risk.</li>
<li>The offer is attractive, particularly as peers have derated. At the last close and for a 28 April payment, the gross/annualised spread is 2.8%/19.1%.  </li>
</ul>


The Insignia Financial (IFL AU) IE considers CC Capital’s scheme offer at A$4.80 fair and reasonable, as it is within its valuation range of A$4.49 to A$5.08.
The key scheme conditions are shareholder, FIRB and APRA approval. Regulatory approvals should be forthcoming, and the scheme vote is low-risk.
The offer is attractive, particularly as peers have derated. At the last close and for a 28 April payment, the gross/annualised spread is 2.8%/19.1%.  


Insignia Financial (IFL AU): Scheme Vote on 13 April

Canada

IGM Financial, Inc. offers a variety of personal financial planning services. The Company provides mutual funds, Guaranteed Investment Certificates, insurance products, and mortgage loans.  IGM operates throughout Canada.

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Igm Financial (IGM CN)

Caution Warranted; ACWI-US At $93 Resistance; Buys in Communications, Staples, Materials, Financials

With the MSCI $ACWI approaching the top-end of our expected 2023 trading range at $93, we see limited upside from here and believe caution is...

Vermilion Research

Primer: Igm Financial (IGM CN) - Nov 2025

IGM Financial stands as a leading diversified wealth and asset management firm in Canada, operating through well-established brands including IG...

αSK

Remain Overweight Europe/UK & Non-US Equities; Pullback Over?; Buys in Industrials and Financials

Remain overweight Europe/UK and non-US equities; we are buyers on pullbacks as long as the FTSE 100 is above 7700, the STOXX Europe 50 is above...

Vermilion Research

China's Fledgling Pensions Market: Are You Positioned to Cash In?

China's aging population has captured investors' attention of late. What opportunities will shifting demographics bring to the fledgling private...

Stanley Tsai, CFA

Insignia Financial (IFL AU): Scheme Vote on 13 April

Regulatory approvals should be forthcoming, and the scheme vote is low-risk. At the last close and for a 28 April payment, the gross/annualised...

Arun George

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